05/11/2015 01:22 EDT | Updated 05/11/2016 05:59 EDT

Fibreglass manufacturer gets loan to expand business in New Brunswick

ST. STEPHEN, N.B. - The New Brunswick government is giving a Nova Scotia-based manufacturer a $310,000 forgivable loan to expand its operations in St. Stephen.

The province says Vilco Ltd., which manufactures fibreglass oil and aquaculture tanks and overhead canopy signs for gas stations, will create up to 40 new jobs over the next four years.

Rick Doucet, the minister responsible for Opportunities NB, says the operation in St. Stephen will focus on the production of gas station canopy signs.

The government says Vilco has purchased a building in the community for $275,000 and plans to spend up to $750,000 on new manufacturing equipment.

The company currently has six employees in St. Stephen.